Civic Intelligence

Forest City Economic Development Inc

990 • Fiscal year 2023 • EIN 42-1525819

Jul 01, 2022 to Jun 30, 2023 • Filed on Sep 11, 2023

Organization ProfileWWW.FORESTCITYIA.COM
145 South Clark PO Box 306Forest City, IA 50436

(641) 585-5560

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

20th percentile

0.01x

Higher debt load relative to assets than 20% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

25th percentile

0.03x

Higher debt load relative to revenue than 25% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Net Margin

42nd percentile

1.7%

Higher net margin than 42% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

27th percentile

$0

Higher top officer pay than 27% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Asset Growth

32nd percentile

0.1%

Faster asset growth than 32% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

14th percentile

-9.4%

Faster revenue growth than 14% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets20th percentile

Assets

Up

$1,049,491

Up $661 (+0.1%) from 2022

Net Assets

Up

$1,041,056

Up $4,639 (+0.4%) from 2022

Liabilities

Down

$8,435

Down $3,978 (-32%) from 2022

Revenue And Expenses
Liabilities / Revenue25th percentileNet Margin42nd percentile

Revenue

Down

$275,696

Down $28,546 (-9.4%) from 2022

Expenses

Down

$271,057

Down $983 (-0.4%) from 2022

Net Income

Down

$4,639

Down $27,563 (-86%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth32nd percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$3.0M$2.0M$1.0M$0Assets 2011: $2,226,871Liabilities 2011: $1,592,052Net Assets 2011: $634,8192011Assets 2012: $2,064,106Liabilities 2012: $1,379,792Net Assets 2012: $684,3142012Assets 2013: $1,846,698Liabilities 2013: $1,178,979Net Assets 2013: $667,7192013Assets 2014: $1,465,916Liabilities 2014: $795,639Net Assets 2014: $670,2772014Assets 2015: $1,310,362Liabilities 2015: $599,034Net Assets 2015: $711,3282015Assets 2016: $1,121,204Liabilities 2016: $367,607Net Assets 2016: $753,5972016Assets 2017: $892,925Liabilities 2017: $34,111Net Assets 2017: $858,8142017Assets 2018: $879,380Liabilities 2018: $10,259Net Assets 2018: $869,1212018Assets 2019: $877,884Liabilities 2019: $7,059Net Assets 2019: $870,8252019Assets 2020: $1,018,296Liabilities 2020: $4,642Net Assets 2020: $1,013,6542020Assets 2021: $1,008,211Liabilities 2021: $3,996Net Assets 2021: $1,004,2152021Assets 2022: $1,048,830Liabilities 2022: $12,413Net Assets 2022: $1,036,4172022Assets 2023: $1,049,491Liabilities 2023: $8,435Net Assets 2023: $1,041,0562023Assets 2024: $1,051,800Liabilities 2024: $14,181Net Assets 2024: $1,037,6192024Assets 2025: $1,025,699Liabilities 2025: $14,493Net Assets 2025: $1,011,2062025

Highlighted filing

2023

Assets$1,049,491
Liabilities$8,435
Net Assets$1,041,056
Open 2023 Filing

Operations Trend

Revenue Growth14th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$600K$400K$200K$0-$200KExpenses 2011: $357,5632011Expenses 2012: $306,3742012Expenses 2013: $280,1292013Revenue 2014: $283,716Expenses 2014: $281,158Net Income 2014: $2,5582014Revenue 2015: $271,721Expenses 2015: $230,670Net Income 2015: $41,0512015Revenue 2016: $274,779Expenses 2016: $232,510Net Income 2016: $42,2692016Revenue 2017: $370,365Expenses 2017: $260,148Net Income 2017: $110,2172017Revenue 2018: $210,294Expenses 2018: $199,987Net Income 2018: $10,3072018Revenue 2019: $206,280Expenses 2019: $205,247Net Income 2019: $1,0332019Revenue 2020: $429,082Expenses 2020: $286,330Net Income 2020: $142,7522020Revenue 2021: $214,896Expenses 2021: $224,335Net Income 2021: -$9,4392021Revenue 2022: $304,242Expenses 2022: $272,040Net Income 2022: $32,2022022Revenue 2023: $275,696Expenses 2023: $271,057Net Income 2023: $4,6392023Revenue 2024: $233,730Expenses 2024: $237,168Net Income 2024: -$3,4382024Revenue 2025: $224,546Expenses 2025: $250,959Net Income 2025: -$26,4132025

Highlighted filing

2023

Revenue$275,696
Expenses$271,057
Net Income$4,639
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Sep 11, 2023
Return Version
2022v5.0
Gross Receipts
$277,852
Mission and Program Overview

Mission

Promote economic development and additional housing in the forest city community.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$301,454$347,006▲ $45,552
Savings and Temporary Cash Investments$323,717$318,023▼ $5,694
Other Notes and Loans Receivable, Net$114,599$136,330▲ $21,731
Cash and Non-Interest-Bearing Accounts$152,080$128,362▼ $23,718
Land, Buildings, and Equipment, Net$69,568$68,842▼ $726
Total Assets$1,048,830$1,049,491▲ $661
Other Assets Total$87,412$50,928▼ $36,484
Liabilities
Accounts Payable and Accrued Expenses$12,413$8,435▼ $3,978
Total Liabilities$12,413$8,435▼ $3,978
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$712,700$723,033▲ $10,333
Net Assets With Donor Restrictions$323,717$318,023▼ $5,694
Total Net Assets Fund Balance$1,036,417$1,041,056▲ $4,639
Total Liabilities and Net Assets / Fund Balance$1,048,830$1,049,491▲ $661

Asset Categories

AssetBook ValueDepreciationBasis
Land$67,331-$67,331
Equipment$12,605-$12,605
Other Land Buildings$-12,094$22,977$10,883
Leasehold Improvements$1,000-$1,000
Closely Held Equity Interests$347,006--
Compensation and Service Providers
Top Officer Pay27th percentile

Board Members and Trustees

NameTitle
Tony MikesPresident
Barney RuiterBoard Member
Courtney WoogeBoard Member
Daisy HuffmanBoard Member
Darwin LehmannBoard Member
Dave ArndtBoard Member
Dave KinglandBoard Member
Dennis BustaBoard Member
Drew GappaBoard Member
Eric KinglandBoard Member
Jared SchneblyBoard Member
Kirk PaulsonBoard Member
Lynn HagensonBoard Member
Mark ThomaBoard Member
Mary Ann FarusBoard Member
Mason HarmsBoard Member
Mike McquadeBoard Member
Pat LovikBoard Member
Ray BeebeBoard Member
Reagan PetersonBoard Member
Rick SkjeieBoard Member
Ron LichtsinnBoard Member
Shelley RobsonBoard Member
Terry DurbyBoard Member
Tony ColoffBoard Member
Vicki TeglandBoard Member
Weston LohryBoard Member
Cindy CarterSecretary
Steve BakkeTreasurer
Bob AlsopVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$238,446
Program Service Revenue
$43,152
Investment Income
$929
Other Revenue
$-6,831
All Other Contributions
$203,946
Change in Net Assets
$4,639
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$144,619
Salaries, Compensation, and Employee Benefits$126,438
Total Fundraising Expense$3,151
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$99,104--$99,104
Advertising$56,137--$56,137
Fees for Services Accounting-$11,955-$11,955
Office Expenses$9,806$1,041$417$11,264
Pension Plan Contributions$6,360$3,180$1,060$10,600
Other Employee Benefits$5,591$2,795$932$9,318
Payroll Taxes$4,449$2,225$742$7,416
Occupancy$7,150--$7,150
Insurance$5,893$655-$6,548
Conferences and Meetings$2,170$543-$2,713
Travel$600--$600
Other Expenses$199--$199
All Other Expenses$174--$174
Fees for Services Legal-$65-$65
Total Functional Expenses$245,447$22,459$3,151$271,057
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“The federal form 990 is available for review at the board meeting prior to submittion to the government.”

Form 990, Page 6, Part VI, Line 15A

“The executive director has an annual review conducted by the president of the organization along with input from the board of directors.”

Form 990, Page 6, Part VI, Line 15B

“Employees have annual reviews conducted by the executive director with input from the board of directors.”

Form 990, Page 6, Part VI, Line 19

“Governing documents will be provided to public upon request to executive director or any board member.”

Filing and Contact Details

Filer

Filer Name
Forest City Economic Development
EIN
42-1525819
Phone
6415855560
Address
145 SOUTH CLARK PO BOX 306, FOREST CITY, IA 50436

Signing Officer

Name
Beth Bilyeu
Title
Exec Director
Phone
6415855560
Signed
2023-09-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Courtney Wooge
Formed
2002
Legal Domicile
Ia
Voting Board Members
31
Independent Board Members
31
Employees
2

Preparer

Firm
Dk Arndt Pc
Address
116 EAST I STREET, FOREST CITY, IA 50436-1760
Preparer
David K Arndt CPA
Phone
6415854631
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4D

“Promote business development in the city of forest city.”

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IRS990/OtherExpensesGrp/Desc1AGENCY SUPPORT
IRS990/OtherExpensesGrp/Desc2DUES & SUBSCRIPTION
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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,049,491
Liabilities
$8,435
Net assets
$1,041,056
Revenue
$275,696
Expenses
$271,057
Net income
$4,639
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.03$0.01$1.01$0.22$0.25$0.03
2024Detailed filing. Detailed filing data is available for this year.$1.05$0.01$1.04$0.23$0.24$0.00
2023Detailed filing. Detailed filing data is available for this year.$1.05$0.01$1.04$0.28$0.27$0.00
2022Detailed filing. Detailed filing data is available for this year.$1.05$0.01$1.04$0.30$0.27$0.03
2021Detailed filing. Detailed filing data is available for this year.$1.01$0.00$1.00$0.21$0.22$0.01
2020Detailed filing. Detailed filing data is available for this year.$1.02$0.00$1.01$0.43$0.29$0.14
2019Detailed filing. Detailed filing data is available for this year.$0.88$0.01$0.87$0.21$0.21$0.00
2018Detailed filing. Detailed filing data is available for this year.$0.88$0.01$0.87$0.21$0.20$0.01
2017Detailed filing. Detailed filing data is available for this year.$0.89$0.03$0.86$0.37$0.26$0.11
2016Detailed filing. Detailed filing data is available for this year.$1.12$0.37$0.75$0.27$0.23$0.04
2015Detailed filing. Detailed filing data is available for this year.$1.31$0.60$0.71$0.27$0.23$0.04
2014Detailed filing. Detailed filing data is available for this year.$1.47$0.80$0.67$0.28$0.28$0.00
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.85$1.18$0.67$0.28
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.06$1.38$0.68$0.31
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.23$1.59$0.63$0.36